Yoho Footwear: Stepping Up with New Funding and Ambitious Plans
October 16, 2024, 12:30 pm
Location: India, Uttar Pradesh, Noida
Employees: 10001+
Founded date: 2011
Total raised: $4.05B
In the bustling world of footwear, Yoho is making waves. The direct-to-consumer (D2C) startup has recently secured INR 27 crore in a pre-Series B funding round, led by Gulf Islamic Investments (GII). This investment comes on the heels of a previous INR 20 crore raise in October 2022. With this fresh capital, Yoho is poised to take significant strides in product development, marketing, and offline expansion.
Founded in 2021 and based in New Delhi, Yoho has quickly carved a niche for itself. The brand focuses on biomechanically designed footwear that balances comfort and affordability. It offers a diverse range of styles for both men and women, catering to a growing market that values both aesthetics and practicality.
The latest funding round attracted notable investors, including angel investors like Rajeev Misra from SoftBank Investment Advisers and Vijay Shekhar Sharma, CEO of Paytm. Their involvement underscores the confidence in Yoho's potential. The funds will be channeled into various growth initiatives, including research and development, marketing strategies, and expanding their offline presence.
Yoho's founders, Ahmad Hushsam and Prateek Singhal, have ambitious plans. They aim to partner with 2,000 multi-brand outlets (MBOs) across tier I and tier II cities in India. This move is crucial as the brand seeks to enhance its visibility and accessibility. Currently, about 80% of Yoho's revenue comes from online sales, with a mere 20% from offline channels. The shift towards physical retail is a strategic pivot to capture a broader audience.
The footwear market in India is evolving. Consumers are increasingly looking for products that combine style with comfort. Yoho targets a demographic aged 28 to 40, who appreciate color and design but prioritize comfort over fleeting fashion trends. This focus on consumer needs is a cornerstone of Yoho's strategy.
In terms of product offerings, Yoho plans to expand its catalogue to 300 styles by 2025. This ambitious goal reflects the brand's commitment to innovation and variety. The founders have indicated that they are on track to achieve a revenue target of around INR 90 crores this year, with a staggering year-on-year growth rate of nearly 300%. The shoe segment alone has seen a remarkable growth of 400%, while slippers have increased by 180%.
The investment from GII is not just a financial boost; it validates Yoho's business model. GII's co-founders, Mohammed Al-Hassan and Pankaj Gupta, have expressed their enthusiasm for Yoho's innovative approach. They believe that the fusion of cost-effectiveness and biomechanical expertise fills a significant gap in the market. This sentiment is echoed by Rajeev Misra, who highlights the unique opportunity Yoho has to capture substantial market share in India's evolving economy.
Looking ahead, Yoho is not just focused on domestic growth. The brand has set its sights on international markets, including the Middle East, Africa, and the United States. This global ambition is indicative of a brand that is not content with merely being a player in the Indian market. Instead, Yoho aims to become a recognized name on the global stage.
The road ahead is filled with challenges. The footwear industry is competitive, with numerous brands vying for consumer attention. However, Yoho's commitment to quality and comfort positions it well. The brand's innovative designs and focus on biomechanical principles set it apart from traditional footwear companies.
As Yoho embarks on this new chapter, the emphasis will be on maintaining the quality that has garnered consumer loyalty. The founders are aware that growth must not come at the expense of the brand's core values. They aim to ensure that every pair of shoes reflects their commitment to comfort and style.
In conclusion, Yoho Footwear is on the rise. With a fresh influx of capital and a clear vision for the future, the brand is set to make significant strides in both the Indian and international markets. Its focus on biomechanical design, combined with a commitment to affordability, positions it as a formidable player in the footwear industry. As the brand expands its reach, it will be interesting to see how it navigates the challenges of growth while staying true to its mission. The journey has just begun, and Yoho is ready to step up.
Founded in 2021 and based in New Delhi, Yoho has quickly carved a niche for itself. The brand focuses on biomechanically designed footwear that balances comfort and affordability. It offers a diverse range of styles for both men and women, catering to a growing market that values both aesthetics and practicality.
The latest funding round attracted notable investors, including angel investors like Rajeev Misra from SoftBank Investment Advisers and Vijay Shekhar Sharma, CEO of Paytm. Their involvement underscores the confidence in Yoho's potential. The funds will be channeled into various growth initiatives, including research and development, marketing strategies, and expanding their offline presence.
Yoho's founders, Ahmad Hushsam and Prateek Singhal, have ambitious plans. They aim to partner with 2,000 multi-brand outlets (MBOs) across tier I and tier II cities in India. This move is crucial as the brand seeks to enhance its visibility and accessibility. Currently, about 80% of Yoho's revenue comes from online sales, with a mere 20% from offline channels. The shift towards physical retail is a strategic pivot to capture a broader audience.
The footwear market in India is evolving. Consumers are increasingly looking for products that combine style with comfort. Yoho targets a demographic aged 28 to 40, who appreciate color and design but prioritize comfort over fleeting fashion trends. This focus on consumer needs is a cornerstone of Yoho's strategy.
In terms of product offerings, Yoho plans to expand its catalogue to 300 styles by 2025. This ambitious goal reflects the brand's commitment to innovation and variety. The founders have indicated that they are on track to achieve a revenue target of around INR 90 crores this year, with a staggering year-on-year growth rate of nearly 300%. The shoe segment alone has seen a remarkable growth of 400%, while slippers have increased by 180%.
The investment from GII is not just a financial boost; it validates Yoho's business model. GII's co-founders, Mohammed Al-Hassan and Pankaj Gupta, have expressed their enthusiasm for Yoho's innovative approach. They believe that the fusion of cost-effectiveness and biomechanical expertise fills a significant gap in the market. This sentiment is echoed by Rajeev Misra, who highlights the unique opportunity Yoho has to capture substantial market share in India's evolving economy.
Looking ahead, Yoho is not just focused on domestic growth. The brand has set its sights on international markets, including the Middle East, Africa, and the United States. This global ambition is indicative of a brand that is not content with merely being a player in the Indian market. Instead, Yoho aims to become a recognized name on the global stage.
The road ahead is filled with challenges. The footwear industry is competitive, with numerous brands vying for consumer attention. However, Yoho's commitment to quality and comfort positions it well. The brand's innovative designs and focus on biomechanical principles set it apart from traditional footwear companies.
As Yoho embarks on this new chapter, the emphasis will be on maintaining the quality that has garnered consumer loyalty. The founders are aware that growth must not come at the expense of the brand's core values. They aim to ensure that every pair of shoes reflects their commitment to comfort and style.
In conclusion, Yoho Footwear is on the rise. With a fresh influx of capital and a clear vision for the future, the brand is set to make significant strides in both the Indian and international markets. Its focus on biomechanical design, combined with a commitment to affordability, positions it as a formidable player in the footwear industry. As the brand expands its reach, it will be interesting to see how it navigates the challenges of growth while staying true to its mission. The journey has just begun, and Yoho is ready to step up.